1.8 billion pixel panoramic photos of Mars have sparked heated discussion. Can immigration to Mars be realized?

  Chinanews. com client March 14 th (Reporter Shangguan Yun) Recently, "1.8 billion pixel panoramic photos of Mars" boarded the hot search. The landform shown in the above photos has also attracted many people’s attention, and some people even began to discuss the topic of "immigration" to Mars.

  Gao Shuang, a doctor of astronomy and a popular science writer, said in an interview with Zhongxin.com that Mars is a terrestrial planet and has always been an important goal for human beings to explore space.

  Earth-like planets in the solar system

  Gao Shuang mentioned that in the solar system, the terrestrial planets are arranged according to the distance from near to far from the sun, followed by Mercury, Venus, Earth and Mars.

  Data Map: On March 5th, NASA announced the highest resolution panoramic photo of Mars ever taken by the Curiosity Mars probe. Image source: NASA official website

  "Earth-like planets are very similar in size and internal structure." Gao Shuang explained that there is an iron core in the innermost part, the middle layer is the mantle, and the outer layer is a thin crust, which is also very strong. "It looks a bit like an apple, with three components: apple core, apple flesh and apple skin."

  Of course, there is still a big difference between Mars and the Earth. Gao Shuang introduced that Mars is not only much thinner in air, but also short of water. "Mars is about half smaller than the Earth, and the distance is also very close. Every two years, there will be the closest moment between Mars and the Earth. This is also a good opportunity to launch a Mars probe. Our name is ‘ Launch window ’ 。”

  "In theory, Venus is closer to the Earth in size and has a dense atmosphere. But the problem is that its atmosphere is too thick, like a thick quilt, making Venus the hottest planet in the solar system. " Gao Shuang said, and the pressure on Venus is extremely high, and there are scenes of volcanic eruptions everywhere, and the environment is very bad.

  Why has Mars become the focus of space exploration?

  Although they are all terrestrial planets, Mars always attracts more attention in space exploration.

  The reason, Gao Shuang said, is that, first of all, Mars, with thin air and always sunny, is more likely to be "intimately contacted" by the detectors sent by human beings; In addition, there is an angle between the orbit of Mars around the sun and the plane where Mars rotates, and so does the earth.

  Data Map: The high-definition picture of Mars released by NASA shows the face of the huge plains and sand dunes in the south of Mars.

  Moreover, the angle between them is very close. Therefore, the temperature of Mars, like that of the Earth, can change periodically throughout the year. Gao Shuang mentioned that, more coincidentally, the time for Mars to make one revolution is very close to the rotation time of the Earth of 24 hours.

  "That is to say, the length of a day on Mars is very close to that of the Earth. In this way, working on Mars is very close to the working environment in the Gobi Desert where the earth’s air is thin. Of course, the environment on Mars is much more severe. " Gao Shuang concluded.

  In fact, the reason why Mars has become the focus of people’s attention is also related to a small misunderstanding in history. Gao Shuang told a story: When Italian astronomer Shapari used a telescope to observe Mars, he found that there were many gullies and ridges crisscrossing the surface of Mars, which he called "canali" of Mars. This means "ditch, river" in Italian.

  "But when it was later translated, some people mistakenly translated it into canal, which means canal, implying artificial digging. After this misunderstanding spread, everyone mistakenly thought it was true, and raised a question about ‘ Martians ’ Curiosity. " Based on the above reasons, Gao Shuang thinks that Mars has always been an important goal for human beings to explore space.

  Will there be life on Mars?

  In fact, the topic of whether there is life on Mars has always been high.

  "At present, the relatively certain result is that Mars was once rich in water, and the air was much thicker than it is now." Gao Shuang said that scientist concluded that it was an environment suitable for life several billion year ago.

  "Now we can’t see the common animals and plants on the earth on Mars, and we can’t see the particularly rich traces of water flow, wind and frost erosion and corrosion." Gao Shuang said that some traces on Mars are very similar to rivers or lakes, which were water sources that existed billions of years ago and have now dried up.

  Data Map: On July 25, 2018, in Rome, Italy, scientists held a press conference. Agence France-Presse reported on July 25 that the study found that the first liquid water lake was discovered on Mars. According to the report, scientists have discovered a huge underground aquifer on Mars, which has increased the expectation of life on Mars.

  Moreover, having an environment suitable for life does not mean "having life", which are two different things. Gao Shuang said, "We can only guess that one possibility is that Mars once had life, and it completely disappeared with the change of environment; The second possibility is that even if there is a suitable environment, life has not been born. "

  "Behind these two possibilities are two kinds of cognition of life. The former believes that life is a universal truth, and the emergence and development of life is an inevitable result. The latter believes that life is an accidental event and a precious grace that can be met but not sought. " Gao Shuang said, "I personally believe in the former."

  Is it reliable to immigrate to Mars?

  Because of the many similarities between Mars and the Earth, people will always ask the question: Is it possible to immigrate to Mars? Gao Shuang’s answer is no.

  "The most direct reason is that the current environment of Mars is much worse than that of the Earth. Compared with the Martian environment, the earth is simply ‘ Paradise ’ 。” He gave an example, "About 70% of the earth’s surface is covered by deep oceans."

  These oceans have become a huge "regulator" for stabilizing temperature and controlling humidity, and have bred a large number of marine life. Gao Shuang said that Mars will never have these factors.

  "At present, even if you immigrate to Mars, it is only possible to build a laboratory in a small area to achieve indoor local climate regulation, and outside the door is a desert with sandstorms, hypoxia, low temperature and infinite dryness." Gao Shuang said.

  However, Gao Shuang said, "We can also adopt this attitude towards Mars. While developing itself, aim at Mars, first establish a vanguard base and form a small environment … … Maybe one day, immigration will come naturally in the past. " (End)

The new Cadillac XT5 will be available on September 28, with pre-sale prices starting at 279,900 yuan

  [Car News Network, reportThe new Cadillac XT5 will be launched on September 28, 2024. The new car will be equipped with a 33-inch LCD screen and a 2.0T engine. It is divided into three models. The previously announced pre-sale price is 27.99-33 9,900 yuan.

The new Cadillac XT5 will be available on September 28, with pre-sale prices starting at 279,900 yuan

  Cadillac XT5 is a mid-sized SUV, previously on sale models are 2024 models, two-wheel drive fashion guide price 352,700 yuan, four-wheel drive luxury, distinguished and platinum guide price 38.27-45 2,700 yuan. The upcoming new cars are divided into luxury, distinguished and platinum. The appearance adopts the latest family-style design, equipped with 21-inch wheels, some models are equipped with red brake calipers, the length, width and height of the body are 4888 × 1957 × 1694 (1698) mm, and the wheelbase is 2863 mm.

  The interior features a brand-new design, featuring a 33-inch 9K large curved screen and a panoramic sunroof, AKG audio, front seat heating, ventilation, massage, and location memory.

The new Cadillac XT5 will be available on September 28, with pre-sale prices starting at 279,900 yuan

  In terms of power, it continues to be equipped with a 2.0T turbocharged engine and a 48V light hybrid, with a maximum power of 174 kW and a maximum torque of 350 Nm, matching a 9-speed automatic transmission.

Long holiday return passenger flow climbs

On October 7, passengers left the station in an orderly manner at Harbin Railway Station.

On October 7, the National Day Mid-Autumn Festival came to an end, and the return passenger flow around the country climbed.

Xinhua News Agency reporter Zhang Tao photo

On October 7, passengers were ready to take the bus at Harbin Railway Station.

On October 7, the National Day Mid-Autumn Festival came to an end, and the return passenger flow around the country climbed.

Xinhua News Agency reporter Zhang Tao photo

On October 7, passengers waited at Tianjin West Railway Station.

On October 7, the National Day Mid-Autumn Festival came to an end, and the return passenger flow around the country climbed.

Xinhua News Agency reporter Zhao Zishuo photo

On October 7, passengers walked out of the south exit passage of Tianjin West Railway Station.

On October 7, the National Day Mid-Autumn Festival came to an end, and the return passenger flow around the country climbed.

Xinhua News Agency reporter Zhao Zishuo photo

On October 7, in Xinhai Port, Haikou City, Hainan Province, vehicles entered the ro-ro passenger ship in an orderly manner (photo of drone).

On October 7, the National Day Mid-Autumn Festival came to an end, and the return passenger flow around the country climbed.

Xinhua News Agency reporter Zhang Lizhen photo

On October 7, the staff of Xinhai Port, Haikou City, Hainan Province commanded the car to enter the passenger ro-ro ship in an orderly manner.

On October 7, the National Day Mid-Autumn Festival came to an end, and the return passenger flow around the country climbed.

Xinhua News Agency reporter Zhang Lizhen photo

On October 7, in Xinhai Port, Haikou City, Hainan Province, vehicles entered the ro-ro passenger ship in an orderly manner.

On October 7, the National Day Mid-Autumn Festival came to an end, and the return passenger flow around the country climbed.

Xinhua News Agency reporter Zhang Lizhen photo

On October 7, passengers checked in at the waiting hall of Shijiazhuang Railway Station.

On October 7, the National Day Mid-Autumn Festival came to an end, and the return passenger flow around the country climbed.

Xinhua News Agency (photo by Chen Qibao)

On October 7, passengers took a bus at Longmen Station in Luoyang, Henan Province.

On October 7, the National Day Mid-Autumn Festival came to an end, and the return passenger flow around the country climbed.

Xinhua News Agency (photo by Zhang Yixi)

Traffic flow of Jiangsu Changtai Yangtze River Bridge (photo of drone) taken on October 7.

On October 7, the National Day Mid-Autumn Festival came to an end, and the return passenger flow around the country climbed.

Xinhua News Agency (photo by Tang Dehong)

On October 7, passengers left the station in an orderly manner at Nanjing Railway Station.

On October 7, the National Day Mid-Autumn Festival came to an end, and the return passenger flow around the country climbed.

Xinhua News Agency (photo by Su Yang)

On October 7, the vehicle was driving slowly in Jiahe County, Chenzhou City, Hunan Province (photo of drone).

On October 7, the National Day Mid-Autumn Festival came to an end, and the return passenger flow around the country climbed.

Xinhua News Agency (photo by Huang Chuntao)

On October 7, passengers took a bus at Kunming Station.

On October 7, the National Day Mid-Autumn Festival came to an end, and the return passenger flow around the country climbed.

Xinhua News Agency (photo by Yang Zixuan)

Traffic flow of Chengtang Expressway (photo of drone) photographed in zunhua city, Hebei Province on October 7th.

On October 7, the National Day Mid-Autumn Festival came to an end, and the return passenger flow around the country climbed.

Xinhua News Agency (photo by Liu Mancang)

Traffic flow of Jiaozhou Bay Tunnel in Qingdao, Shandong Province (photo of drone) taken on October 7.

On October 7, the National Day Mid-Autumn Festival came to an end, and the return passenger flow around the country climbed.

Xinhua News Agency (photo by Zhang Jingang)

Traffic on Nanjing Yangtze River Bridge (photo of drone) taken on October 7.

On October 7, the National Day Mid-Autumn Festival came to an end, and the return passenger flow around the country climbed.

Xinhua News Agency (photo by Yang Suping)

On October 7, in Putuo District, Zhoushan City, Zhejiang Province, the returning vehicle was driving on the Zhujiajian Island Strait Bridge (photo of drone).

On October 7, the National Day Mid-Autumn Festival came to an end, and the return passenger flow around the country climbed.

Xinhua News Agency (photo by Zou Xunyong)

On October 7th, passengers checked in at Lianyungang Railway Station in Jiangsu.

On October 7, the National Day Mid-Autumn Festival came to an end, and the return passenger flow around the country climbed.

Xinhua News Agency (photo by Geng Yuhe)

On October 7, passengers waited for the ticket check-in at Zibo Station in Shandong Province.

On October 7, the National Day Mid-Autumn Festival came to an end, and the return passenger flow around the country climbed.

Xinhua News Agency reporter Qi Yushe

Traffic flow at the toll station of Yinchuan East Expressway in Yinchuan City, Ningxia (photo of drone) taken on October 7.

On October 7, the National Day Mid-Autumn Festival came to an end, and the return passenger flow around the country climbed.

Xinhua News Agency reporter Yang Zhisen photo

"Waste oil" turned into biodiesel and exported to EU.

An overview of journalist Zhang Xiaoyue

Using the waste oil which is sour, smelly, turbid and precipitated in the swill bucket, the biodiesel which is clear and transparent and will be exported to the EU is produced. On April 15th, the reporter saw a magical scene in Tangshan Jinlihai Biodiesel Co., Ltd. located in Luannan County.

Li Zhenjun, deputy general manager of Jinlihai Company, once hated cooking oil, the raw material for biodiesel production. swill-cooked dirty oilIf the reflux table is eaten by people, it will be harmful to health. "But we believe that there is no absolute garbage, only resources that are misplaced."

At the gate of the company, several tankers are transporting the purchased waste oil. So, how is waste oil converted into biodiesel? Li Zhenjun said that impurities should be removed by filtration, precipitation and centrifugation.

Subsequently, Li Zhenjun led the reporter to the reactor workshop, the most critical link of "turning waste into treasure". In a container just like a pot, methanol, sulfuric acid, etc. are added according to the ratio, and the glyceride in the gutter oil is decomposed into crude methyl ester.

Behind the reactor is a high distillation tower. In the tower, the crude methyl ester is further rectified. After the remaining plant asphalt is removed, methyl ester, which is often called biodiesel, remains.

The picture shows the distillation column, which is provided for enterprises.

The realization of the development and utilization of this series of waste oil stems from the power of science and technology. "The company has continuously carried out scientific research and invented 69 international and domestic patents in the field of biodiesel, and its technology in the field of comprehensive utilization of waste oils and fats is leading the world." Li Zhenjun said proudly.

After the production of biodiesel, the samples were sent to the real.Check the inside. The staff took samples from test tubes, tested the acid value, etc., and tested the composition of oil by gas chromatography.This is new.What about energy? "Li Zhenjun told reporters.

The picture shows the staff in the laboratory.testBiodiesel, two bottles in the lower right corner are gutter oil (left) and biodiesel (right). Photo by Zhang Xiaoyue.

He introduced that biodiesel takes plants and animal fats as raw materials. Compared with petrochemical diesel, it has the advantage of being friendly to the environment and forming a closed loop through the carbon sink of plants. Add 10% to 20% biodiesel to petrochemical diesel oil, and carry heavy trucks.The car added this blended oil,tailThe emission of PM 2.5-PM 10 pollution particles can be reduced by 48% to 86%. For every ton of biodiesel produced by the company, the emission reduction in the whole life cycle reaches 2.98 tons of carbon dioxide equivalent.

It is precisely because of its green, environmental protection and renewable characteristics that biodiesel meets the hard-core standards of European carbon emission assessment, so it is favored by European Union and other countries. Today, Jinlihai Company digests 200,000 tons of waste oil every year and produces 160,000 tons of biodiesel, about 80% of which are exported.

"In the past, EU countries also used rapeseed to produce biodiesel, but it is more cost-effective to use kitchen waste oil as raw material, and it reduces dependence on crops such as non-renewable mineral energy and food." Li Zhenjun said.

After that, he pointed to the Jingtang Port area in the southeast of the company, where there is a special export dock and storage tank for biodiesel, and it is also the only biodiesel bulk loading and unloading dock in the northern ports of China. "There are also European routes, which has accelerated the pace of our international capacity cooperation." Li Zhenjun said.

With the global consensus on climate change, and the proposal of "double carbon" goal in China in recent years, domestic diesel standards have been upgraded, and more and more petrochemical enterprises have mixed biodiesel with petrochemical diesel for automobiles and other uses to reduce pollution emissions.

Represented by enterprises such as Jinlihai, "Luannan CountyestablishCircular economy and green developmentIdeas,in the process offorgeA city without waste,Implement clean and low-carbon transformation,driveUrban sustainable development."Jia Xiumei, deputy head of Luannan County, said.

Chongqing’s "summer army" detonated rural online shopping, and some people "received express delivery" with a monthly income of 4,000.

The Meteorological Bureau recently issued a warning of high temperature in sunny days, but hundreds of thousands of Chongqing people have already rushed to help the old and bring the young before the arrival of the dog days, and disappeared into the surrounding mountains, enjoying the cool breeze brought by high altitude. This is Chongqing’s huge summer army.
These days, an article describing online shopping during the summer vacation, "I only know that JD.COM is crazy when I live in a summer house", has caused a heated discussion on the Internet. On the one hand, the summer army has brought about a surge in the number of online shopping in rural areas, but the online shopping experience is "half seawater and half flame", which truly records the practical problems faced by rural e-commerce and logistics in the "last mile". Many Chongqing people have commented that they are "too realistic and feel the same way".
The "Summer Army" brought about a surge in online shopping orders in rural areas.
It is understood that Chongqing’s "summer army" is mainly distributed in the local Huangshui, fairy mountain, Black Valley and Jinfo Mountain, and nearby Tongzi, Xishui in Guizhou and Lichuan in Hubei. Most of these places are high-altitude areas above 1200 meters, relying on the original towns and villages, and many summer houses have been built.
The author of the article said that he bought a summer house in Xianyuan Town, Xishui County, Guizhou Province last year. Most of the home decoration and daily necessities were purchased through the Internet, and he placed an order for fifty or sixty times in half a year. According to the reporter’s verification with major e-commerce platforms and express delivery stations, the "Summer Army" made the orders in the summer resort surpass 618 and double 11.
The relevant person in charge of Jingdong Logistics said that in many high-altitude towns and villages at the junction of Chongqing and Guizhou, such as Xianyuan Town and Zhaiba Town in Xishui County, the average daily order soared by three times, and it is expected to last until September, exceeding the single quantity of the town’s double eleven and 618, among which the most ordered goods are rice flour, grain and oil, household appliances and so on.
In fairy mountain Town, a summer resort in Chongqing, the local average daily order volume is more than 5 times. "According to previous years’ experience, the peak order volume of this town may increase by more than 8 times during the summer vacation, which is equivalent to the daily order volume of the whole Wulong County."
It was learned at several express delivery stations in Xishui County that since July, due to the influence of summer vacation and summer vacation, the average daily parcels received have doubled. It is understood that due to the new development of more than 10 summer resorts in the local area, many commodities are large pieces such as furniture and household appliances, and the most common ones are daily necessities.
However, the surge in orders has made the "embarrassing situation" of online shopping in rural areas more obvious. Because the internal traffic in these towns is often underdeveloped, taking online shopping parcels has become a "nightmare" for many urban summer people.
Most packages can only be delivered to the center of town.
The author describes in the article that there are only two express delivery points in Xianyuan, where his summer house is located, both of which are located in the center of the town. However, there are currently more than a dozen summer houses in the town, which are basically built far from the center of the town, one or two kilometers away and seven or eight kilometers away.
"Every summer, people who come from Chongqing, Sichuan are crowded, and there are at least two or three thousand people in each community, which is not a scale, but also very concentrated. So far, except Jingdong Logistics and a small number of postal parcels, all the other couriers are only sent to the two receiving and dispatching points in the town center by default, and everyone in the town must help themselves, no matter how far or near." The author also showed reporters the comments of other owners of the summer house community on the article, and almost everyone complained that it was more painful to receive online shopping parcels.
The reporter saw an article reply. The author said with an elderly neighbor in the community that he had just spent an hour in the town center waiting in line to receive online shopping parcels. Because it was too heavy, he had to go back to the community by motorcycle.
However, a few express delivery companies, such as Jingdong Logistics, delivered the goods to their homes. In order to ensure the delivery, Jingdong Logistics temporarily removed personnel and vehicles from other places for support. Taking Xianyuan Town as an example, it temporarily added two 4.2-meter trucks and five little brothers from JD.COM. In fairy mountain Town, Jingdong Logistics also set up a temporary sales department, and set up six couriers to stay permanently, and added express vehicles to ensure that orders can be delivered in time.
"How many packages should be delivered for summer vacation?"
The person in charge of a courier station in a town in Xishui County told the reporter that major courier companies such as Zhongtong, Shentong, Yuantong, Baishi Express and SF Express are currently unable to send online shopping products to various local summer resorts. "Because the manpower is too limited, all of them can only be sent here. Wait for the buyer to pick it up."
In this regard, Mr. Li, a Chongqing citizen who came here for the summer vacation, believes that in these high-altitude towns and villages, farmers were originally scattered and scattered. In the daily online shopping and distribution, it is understandable to set up only one or two express delivery stations in the town center for their own collection due to the consideration of logistics costs.
However, in summer, "there are thousands of people living in the summer house community, which fully meets the conditions of online shopping and delivery to the community, but the courier companies still choose to throw the goods away in the town center, leaving the embarrassment and trouble to many summer people."
Ms. Liu, a citizen, stressed that the vast majority of people living in the summer house are old people and children, and it is "really unfriendly" to let them walk several kilometers back and forth to pick up express parcels.
According to the reporter’s test, in platforms such as a treasure and a lot, many large and medium-sized items can’t be delivered to the town. Summer people can only go to the county town dozens of kilometers away to pick up the goods, or transport them to the town with extra expensive freight, which limits the e-commerce consumption in rural areas to a certain extent. Many merchants said that they can’t do anything about it.
Moto’s express delivery monthly income is 4000 yuan.
Ms. Guo’s parents spend the summer in Yundi Community of Huangshui, which is 2 kilometers away from the town. Ms. Guo told reporters that in the past few years, "only JD.COM can send it to the door of the community, and other couriers don’t send it". Every time I buy something online for the summer house, my parents can only take the local farmer’s motorcycle to pick up the parcel; "or send it to your home in Chongqing first, and then take it with you when you drive to Huangshui."
Some netizens even said in the reply to the article that his friend’s father drove a motorcycle to help his neighbors pick up parcels at the town post station when he went out for the summer vacation, and each order was 5-10 yuan, which earned more than 4,000 yuan in January.
Wu Popo, who is in fairy mountain for the summer vacation, said that taking the motorcycle to pick up the parcel was a helpless move. "It’s too far away, and it’s not delivered to the door. Sometimes things bought online are only tens of dollars, and it’s more than a dozen dollars to get a parcel back and forth. It’s not worthwhile to think of it."
Why is there a big difference in the "last mile" in rural areas?
After checking with many relatives and friends who went out for the summer vacation, the reporter found that only a few packages such as JD.COM could be delivered to the summer vacation community in Huangshui, fairy mountain, Tongzi and Xishui. Then, in the "last mile of the countryside", why is there such a big difference in sending parcels?
A logistics industry expert told reporters that in fact, door-to-door delivery is one of the most concerned needs of consumers for express delivery service, but it is also a major pain point in the logistics industry at present, which requires a long-term and large amount of resources investment by enterprises, and also needs to cooperate with comprehensive enterprise management and employee welfare protection. Especially in remote areas, rural areas and other areas with relatively low order density, "home delivery" is a test of the strategic layout, development concept and development planning of enterprises. In this incident, we can see that the value of Jingdong Logistics in laying out logistics infrastructure, continuously investing in technology and building its own staff team is emerging.
It can also be seen from netizens’ comments that Jingdong Logistics benefits from its own distribution team and logistics base, which can be deployed independently in terms of management, supply chain and resources.
At the same time, the pursuit of profit and the high staff turnover rate of franchise outlets are also a reason why it is difficult to advance the last mile in rural areas. Yang Daqing, an expert in the logistics industry, also told the media that in the past two years, the price war in the express delivery industry has intensified, and the increase in various commercial costs has caused the business scale of express delivery outlets to increase without increasing profits, resulting in high mobility and high turnover rate of first-line outlets.
Recently, on July 14th, an executive meeting of the State Council was held to determine the measures to improve the rural delivery logistics system to better meet the needs of farmers’ production and life. Perhaps from the "experience" of the summer army going south, we can see what work should be done first to solve the last mile in the countryside.
Reporting/feedback

Alibaba byte Baidu secretly exerted its strength! Inventory of big models behind AI hardware: all hidden stunts

If 2023 is a year of concentrated outbreak of AI applications, then 2024 is the first year of AI hardware. Whether it is glory, Xiaomi, OPPO, vivo, Huawei, Lenovo and other domestic technology giants, or overseas giants such as Apple, Microsoft, Qualcomm and Samsung, all emphasize the integration of AI big model technology and application, especially hardware.

From mobile phones to PCs, AR glasses, televisions, refrigerators, cars, as well as various home robots and various products, a large number of products have begun to deeply combine the latest generative AI technology to provide consumers with a more comfortable experience. To some extent, AI is becoming ubiquitous and omnipotent through these consumer electronics products.

So what is the most commonly used AI hardware? Do you know what big model it uses? Don’t worry, today Xiao Lei will take you to a big model behind the AI ​ ​ hardware.

Before we start the inventory, let’s take a look at this AI technology competition.At present, many head Internet companies and artificial intelligence companies at home and abroad have basically released their own big models. While empowering their own software applications and hardware products, some participants are sharing big models with more manufacturers to accelerate the AI ​ ​ process of their products.

Recently, the trend of ByteDance Volcano Engine caught my attention, and it launched a smart terminal model alliance with OPPO, vivo, Glory, Xiaomi, Samsung and Asus. According to reports, OPPO’s Xiaobu assistant, YOYO assistant of Glory MagicBook, Xiaomi’s Xiaoai classmate, and ASUS laptop’s Douding AI assistant have all been connected to the bean bag big model service.

Source: bean bag

Last month, ByteDance unveiled the mystery of the bean bag model family at the Force Motive Power Conference in Volcano Engine in the spring of 2024, and announced the official opening of foreign service. Unexpectedly, in just one month, big models such as pro, lite, and Role-playing have begun to solve the common challenges of language style, real-time content, association ability and intention recognition for the industry.

Some people may think that the introduction of other large models means that manufacturers lack the ability of self-research, which is not something to boast about.In fact, the reason why manufacturers do this is to keep up with the pace of competitors in the industry as soon as possible, and bring better experience to users, and the introduction does not mean giving up self-research. In the case of mutual reference, it can really accelerate the AI process of hardware products.

In the past year, Huawei, Xiaomi, Apple, Qualcomm, Lenovo and other manufacturers all announced their "AI+ Hardware" plans. Many of these manufacturers chose to "walk on two legs", while introducing one or more large models from the outside, while burying their heads in their own research.

In terms of domestic mobile phone manufacturers, Xiaomi, OPPO, vivo and Glory have access to a number of large third-party models. For example, Xiaomi, OPPO and vivo have access to ali tong Yi, Baidu Wenxin and Byte Bean Pack; Glory is connected to Baidu Wenxin and Byte Bean Bag.

Source: ByteDance

In terms of foreign mobile phone manufacturers, because the domestic market needs to be put on record to provide generated content to consumers by using generative artificial intelligence technology, overseas sales products and domestic sales products usually adopt different large-scale model schemes.

For example, the AI function of Samsung S24 series is operated by Google’s Gemini at the bottom, while the domestically sold S24 series is supported by Baidu Wenxin. Apple announced the introduction of ChatGPT in WWDC24, but the China partner has not been announced yet. I believe that Apple will probably choose between ali tong Yi, Baidu Wenxin and Byte Bean Pack.

It can be seen that almost all mobile phone manufacturers choose to access as many large models as possible. Not only to strengthen the multi-modal AI generation ability of their products in image generation and image understanding, but more importantly, manufacturers can train their own research models with the help of the cloud model of service providers to accelerate the improvement of the intelligent level of the models.

For example, vivo developed a blue heart model based on Alibaba Cloud training, and the pre-training performance of the thousand-calorie model was close to LLaMA level, which brought great help to the optimization of AI images, intelligent assistants, graphic creation and other scenes of vivo mobile phones.

Like mobile phones, PC is one of the most commonly used smart terminals for users. Before the rise of AI technology, the development of PC market was mainly to slightly update the hardware such as central processing unit (CPU), graphics processor (graphics card) and display screen every year, and the homogenization of products in the market was more serious.

Therefore, in the face of new opportunities, PC manufacturers show great enthusiasm. In addition to ASUS’s introduction of the bean bag big model, Lenovo chose to release its own Lenovo big model solutions and services, mainly including customizing the enterprise-specific privatization big model and landing the big model based on the trinity of intelligent computing center, AI platform and AIforce.

Source: Lei Technology

On the product side, Lenovo Yuanqi series new products are all equipped with personal agent-Lenovo Xiaotian, and at the same time, they are equipped with a new generation of Core Ultra processors and built-in artificial intelligence tools, which can provide a variety of localized artificial intelligence services without connecting to the cloud server. This includes but is not limited to offline data analysis and decision support.

In addition, PC chip manufacturers Intel and Invista also released brand-new AI hardware to provide chip-level AI capabilities for PCs. Intel said that AI is the "next growth driver" of the industry, and it is planned that by 2025, more than 100 million AI PC will be supplied with processors, accounting for 20%.

The importance of big model to PC is self-evident. Under the current technical level, AI PC can provide personalized services such as personalized creative service, private secretary service and equipment housekeeper service for work, study and life scenes. When AIGC is intensively deployed in different fields in the future, AI PC will usher in a new round of outbreak.

Thunderbird Technology, a domestic AR manufacturer, released the new AR glasses Thunderbird X2 Lite at CES 2024. AI+AR is the main highlight of this pair of glasses. Like the previously released Chatbot connected to the self-developed AI model in Thunderbird X2, Thunderbird X2 Lite also has built-in large model voice assistant Rayneo AI.

After accessing Rayneo AI, Thunderbird X2 Lite can realize many functions, such as multi-round natural language dialogue, itinerary planning, convenient encyclopedia question and answer, brainstorming and so on. At the same time, it supports AI-assisted translation, 3D space navigation, first-person perspective image creation and so on.

Source: Lei Technology

In overseas markets, the smart glasses company Solos released a new product Solos AirGo 3 equipped with ChatGPT. The core function of this product is real-time translation, and users can translate the sound received by glasses through ChatGPT. Solos AirGo 3 also provides a variety of scene modes, including one-on-one dialogue mode, which is especially suitable for face-to-face communication.

Limited by the product form, the interaction between wearable devices and users is not as rich as that of mobile phones and PCs, and the influence of large models mostly stays in the stage of voice assistant question-and-answer and assisted translation. In fact, wearable devices can dig deeper into large models. Especially for AR products, through spatial perception interaction, large models may be able to achieve functions that cannot be displayed in the real world.

There are many similar AI hardware. Home appliances, car smart cockpits, toothbrushes, learning machines and other categories all have related cases of becoming AI terminals. At present, most manufacturers are fully promoting the AI process of computers, mobile phones, televisions and other categories. It is undeniable that these products can really bring users a better audio-visual experience and intuitively feel the convenience and achievements brought by AI. But in the future, perhaps all consumer electronics products will be put into AI, and people can gain a better experience from it.

Since ChatGPT, generative AI has proved the leap of the latest AI technology. As a cross-industry horizontal technology, AI can be applied to various vertical fields.However, the key of AI hardware is how to combine AI technology with product experience, not just the simple integration of hardware.

The most obvious improvement in the experience of AI hardware products is to change the way people interact with machines. From the keyboard, mouse and graphical user interface (GUI) of PC to the touch technology of smart phone, the innovation of interaction mode has greatly changed the interaction between human beings and machines. Therefore, how to create a smoother natural language interaction is a compulsory course for all AI hardware.

At present, there is no AI hardware product that surprises most consumers in the market, and the application of AI in hardware products is still in the initial stage of functional stacking.AI itself is a technology, not a product. It needs to be combined with specific products to create value for users.

Technological change takes time. Even if we don’t consider the exploration of handheld computers for decades before the original iPhone, it took several years to determine the product form of today’s smart phones. Similarly, the development of AI hardware also needs a process, and it is necessary to integrate AI technology into physical products so that ordinary users can intuitively experience the powerful capabilities of AI technology.

Fortunately, more and more brands are beginning to realize this, and they are actively exploring and practicing to closely integrate AI technology with user experience. We have reason to believe that AI hardware will be more intelligent and personalized in the future, bringing users a new round of AI-driven hardware revolution after relay era and intelligent hardware era.

From May 20th to June 30th, 2024, in the year of 618, the Great Promotion struck, and the six major e-commerce platforms, Taobao Tmall, JD.COM, Pinduoduo, Tik Tok, Aauto Quicker and Xiaohongshu, collectively "listened to persuasion", canceled pre-sale and frantically bargained!

Popular AI hard technology categories such as mobile phone digital, AI PC, smart home appliances, TV, small household appliances and air ice washing are gearing up, and the situation is fierce.

Lei Technology 618 Reporting Group will pay attention to the latest situation of e-commerce platform, the latest trends of AI hard technology brands and the new trends of e-commerce industry, so stay tuned and look forward to it together.

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The details of the smuggling of China suspects exposed that the staff of the Turkish Embassy had directly intervened.

Original photo: China police repatriated stowaways.

[Global Military Report] On the 9th, China police successfully repatriated 109 illegal immigrants from Thailand and organized members of a smuggling gang, which aroused great international concern. The United States, Turkey and other countries condemned Thailand’s actions, claiming that these people were "refugees" and worried that the repatriated people would be treated unfairly after returning to China. In this regard, Tong Bishan, director of the Criminal Investigation Bureau of the Ministry of Public Security of China, said in an exclusive interview with Lianhe Zaobao on the 11th that this is what critics have always said, aiming at "demonizing" China.

Lianhe Zaobao reported on the 12th that Tong Bishan is a front-line worker and expert of the Ministry of Public Security of China in dealing with the problem of cracking down on illegal smuggling and immigration. In an interview for nearly an hour, he revealed that this group of people repatriated from Thailand to China is the ninth since this year. They are mainly from Xinjiang and are stowaways or members of gangs that organize stowaways. Tong Bishan said that these 109 people are currently in Urumqi, and more than a dozen of them are involved in terrorist crimes. They will be investigated and dealt with by the judiciary.

Tong Bishan said that these people first left the country through various methods, then passed through Laos, Cambodia, Thailand and other Southeast Asian countries, assembled in Malaysia, then moved to Turkey, and finally went to Syria and Iraq to participate in the so-called "jihad."

According to Lianhe Zaobao, preliminary investigation shows that these repatriated people include not only young men, but also many women, some elderly people and children. During the process of smuggling, they have to pay thousands of dollars to "snakeheads" in various places, and some of the money also flows to the bank accounts of the "East Iraqi Movement" terrorists. Tong Bishan said that these people are not well educated and it is more difficult to make a living in other places. Moreover, there are no legal documents on me, so the living conditions after leaving the country are very worrying.

The Financial Times reported on the 12th that Tong Bishan was quoted as saying that due to the above reasons, these people "are easily controlled by local forces, especially terrorist organizations like the East Iraqi Movement, which will further organize young people to brainwash them and then let them go to the front to fight, which is actually cannon fodder."

Tong Bishan added: "After the stowaways arrived in Turkey, they met more than one terrorist organization, maybe two or three. Because of the shortage of people, these organizations will rob people. " Tong Bishan said that terrorist organizations will give money to stowaways, which is equivalent to recruiting soldiers, at least $2,000 per person. When asked how many China stowaways have arrived in Syria or Iraq, Tong Bishan said that it is difficult to estimate the number, but it is not in the minority.

The Global Times reporter learned from the Ministry of Public Security that the China police have informed the Turkish police about eight "snakeheads" and asked the Turkish police to arrest them. Since October last year, China police have arrested 22 Turkish criminal suspects in China, who confessed that they were all instructed by "snakeheads" in Turkey to organize illegal immigration activities. According to the police, the staff of Turkish embassies in some Southeast Asian countries provide assistance to stowaways. In September 2014, the staff of the Turkish Embassy in a Southeast Asian country directly participated in "rescuing" Aili Ahmad, the leader of a smuggling gang organized by China, who was captured by the local law enforcement authorities, falsely claiming that he was a Turkish citizen, repeatedly pressured him to release him, and finally successfully sent him to Turkey. The man is still at large in Turkey. In February this year, the organized stowaway Wubrikasen Maitiru, who was arrested by the police, confessed that he took photos of stowaways and fabricated Turkish names, and handled more than 500 Turkish identity certificates from the Turkish Embassy in a Southeast Asian country, helping more than 400 China stowaways to arrive in Turkey as Turkish citizens. In June this year, the China police jointly launched an operation with Southeast Asian countries, and seized 653 Turkish passports at the residence of a criminal suspect. The document experts involved in handling the case said that the above passports are forged, and the level of forgery is extremely poor, which is easy to distinguish. Smugglers can successfully enter Turkey with such passports.

对于中方将组织偷渡的操控者指向土耳其,土耳其官方尚未做出回应。《环球时报》记者此前曾数次询问土耳其驻华使馆,但均未得到相关答复。

北京大学土耳其问题专家昝涛12日对《环球时报》记者分析了土耳其频频介入中国新疆事务的深层历史原因。首先,土耳其是个“(泛)突厥主义”国家,自视为讲突厥语的不同民族的领袖,很多土耳其人称我国新疆为“东突厥斯坦”,而这种在土耳其拥有一定民间基础的倾向,不管哪个党派都很难视而不见;其次就是泛伊斯兰主义的问题,昝涛认为,它甚至被发展成为一种叫做泛伊斯兰主义的意识形态,这种意识形态至少从19世纪末的奥斯曼帝国开始就被有意识地运用了,土耳其的正义与发展党及其政府领导者经常诉诸某种“穆斯林国际主义”的策略,对世界不同地区穆斯林事务指手画脚。最后,土耳其的价值观有很大成分是西方的,在政治体制、人权等问题上与西方有同样的看法和主张,自然也分享了同样的偏见。

Yun Tao believes that China has always attached importance to its relations with Turkey. But this time, the Ministry of Public Security suggested the problem in this way, which is also a warning to Turkey. Qi Tao said that only relevant reports had been seen before, but most domestic scholars did not know what role the Turkish government played in the smuggling incident and how it worked. This time, the Ministry of Public Security directly stated that the problem should be that it had more reliable evidence. "Turkish officials are involved in sensitive political and social issues in China in this way, and it is natural for China to express such an attitude and position."

Yun Tao said that the Turkish government has always stated that it respects China’s sovereignty and territorial integrity, does not interfere in China’s internal affairs, and does not allow anyone to engage in activities that undermine China’s sovereignty and territorial integrity on Turkish territory. However, so far, the Turkish government has not made a clear commitment to stop similar incidents when foreign embassies are involved in helping illegal immigrants.

In response to a statement made by a the State Council spokesman on the 9th on Thailand’s repatriation of illegal immigrants to China, China’s Foreign Ministry spokesman Hua Chunying said on the 11th that the US statement ignored the facts and was full of political prejudice, which condoned illegal immigration and illegal immigration activities and violated relevant international conventions and laws. China expressed strong dissatisfaction and resolute opposition to this, and has made solemn representations to the US. [Global Times reporter Ni Hao Fan Lingzhi]

Shanxi: Promoting high-quality development in all directions and making new breakthroughs; Jiangsu: Drawing a magnificent picture of "Strong, Rich, Beautiful and High" for ten years.

Cctv news(News broadcast): Recently, Shanxi Province and Jiangsu Province held press conferences on the theme of "China this decade" respectively, introducing the remarkable achievements made in various local undertakings since the 18th National Congress of the Communist Party of China.

Shanxi: Promoting high-quality development in all directions and making new breakthroughs.

Since the 18th National Congress of the Communist Party of China, the regional GDP of Shanxi Province has increased from 1.17 trillion yuan in 2012 to 2.26 trillion yuan in 2021. Last year, the annual coal output and increment ranked first in the country. This year, the first batch of 183 major projects in Xinzhou Integrated Economic Zone in Taiyuan, Shanxi Province were started. Shanxi has made new breakthroughs in promoting high-quality development in all directions.

In the past ten years, Shanxi people’s livelihood construction and ecological environment have made great progress. The per capita disposable income of urban and rural residents has greatly increased, 3.29 million poor people have all been lifted out of poverty, and 3,365 villages with deep poverty have been relocated; From 2017 to 2021, the excellent rate of water quality in Shanxi increased from 55.2% to 72.3%, and the water quality in the national examination section of Fenhe River Basin reached Grade IV and above. Shanxi has taken new steps in practicing the journey of Socialism with Chinese characteristics in the new era.

Jiangsu: Painting a Ten-year Magnificent Picture of "Strong, Rich, Beautiful and High"

Since the 18th National Congress of the Communist Party of China, the regional GDP of Jiangsu Province has reached 6 trillion yuan, reaching 11.64 trillion yuan in 2021. The added value of the province’s manufacturing industry increased from 2.3 trillion yuan in 2012 to 4.2 trillion yuan in 2021. High-tech enterprises have increased from more than 5,100 to 37,000 in the past ten years. At the same time, the "green content" of economic development has also been continuously improved, and the Yangtze River Economic Belt and the Grand Canal Cultural Belt have become beautiful axes that run through the east and west and connect the north and the south.

In the past ten years, Jiangsu has consistently invested more than 75% of the general public budget expenditure in the field of people’s livelihood, accelerated the standardization and quality of basic public services, and made great efforts to do a good job in people’s livelihood. The per capita GDP has doubled to 137,000 yuan, and the per capita disposable income of residents has doubled to 47,500 yuan, which is constantly writing a new chapter in Jiangsu’s modernization.

Developing rural tourism and promoting rural revitalization: a vivid practice of three Gannan villages

  Cctv news(Reporter Wang Jiazhu) Since the 19th National Congress of the Communist Party of China formally put forward the strategy of rural revitalization, rural tourism has ushered in a brand-new development opportunity, which has not only become an important channel for people to get rid of poverty and increase income, but also an important starting point for rural revitalization.

  In recent years, Gannan Tibetan Autonomous Prefecture of Gansu Province has built more than 300 well-off villages with clean village appearance and distinctive ecological civilization relying on the natural ecology and humanistic ecological resources in Tibetan plateau areas. A few days ago, the reporter walked into three Gannan villages with demonstration significance to develop rural tourism with the off-line visit to Gansu Province.

  Gaxiu Village in luqu is 370 kilometers away from Lanzhou, the provincial capital, and is known as "the first Tibetan village of eco-tourism". Sixteen years ago, in order to facilitate children to go to school and the elderly to seek medical treatment, some party member cadres in the village took the initiative to sell their cattle and sheep and chose to settle down on both sides of National Highway 213, and developed tourism mainly focusing on Tibetan music and animal husbandry. Driven by them, since then, more and more herdsmen who used to live by weeds have chosen to settle down with the help of the local party Committee and government, and gradually formed the present Gaxiu village.

Gaxiu Village, known as "the first Tibetan village of eco-tourism" (photo by Wang Jiazhu)

Gaxiu Village, known as "the first Tibetan village of eco-tourism" (photo by Wang Jiazhu)

  There are eight people in Lamaojia, secretary of the village party branch. In the past, the source of income for the whole family was animal husbandry. In 2018, Tibetan music was started at home. Up to now, the income of Tibetan music has reached more than 40,000 yuan this year.

  In addition to developing their own Tibetan music, the village collective economy also allows village herders to continue to increase their income. In Shaiyintan Tent City, 82 poor households have a share of 15,000 yuan per household; For the shares of village collective land, 30% for ordinary households and 40% for poor households; Dongkaer National Culture Media Company has more than 80 employees, giving priority to poor households, and each household can increase its wage income by 15,000 yuan … … Today, the per capita disposable income of farmers and herdsmen in Gaxiu Village has reached 9192 yuan.

  The development of rural tourism in Gaxiu Village not only allows people to move from pasture to market, but more importantly, the pasture is recuperated and the ecology is improved, achieving a double harvest of "green mountains and green waters" and "Jinshan Yinshan".

  A good ecological environment is a precious wealth that nature has given to Gannan people. Playing ecological cards, eating ecological rice and taking the road of green development are the inevitable choices of Gannan people.

  Luqu Gongqu Hucun, 30 kilometers away from Luqu County, is located at the entrance of Zecha Shilin Scenic Area and on the bank of Taohe River. There are 12 farmers and herdsmen with 71 people. In recent years, with the county party committee and government fully promoting the eco-tourism strategy, all 12 households in Gongqu Hucun village began to develop Tibetan music.

The 53-year-old Gongbao Tashi Station is the leader in the development of Tibetan music in the village (photo by Wang Jiazhu)

The 53-year-old Gongbao Tashi Station is the leader in the development of Tibetan music in the village (photo by Wang Jiazhu)

  The 53-year-old Gongbao Tashi is a rich leader in the village. In 2016, he took the lead in developing Tibetan music in the village. With the support of the local government, he built a two-story building with more than 30 beds. Not only has a brand-new modern kitchen been built to facilitate tourists’ self-use, but it has also taken the lead in transforming the traditional dry toilet at home into a flush toilet.

  Gong Baozhaxi said that the development of Tibetan music alone can earn 30,000 to 40,000 yuan a year.

  Miaohuashan Village in Lintan County, which is three hours’ drive away from Luqu, has also been favored by more and more tourists in recent years because of the "Hualu" homestay. In 2018, at the Gansu Provincial Tourism Industry Development Conference, the villagers’ lodging industry won the "Gansu Provincial Villagers’ Accommodation Boutique Award".

  Lintan county has colorful natural scenery and rich and unique folk customs, especially Yeliguan national 4A-level tourist scenic spot in the county, which is a typical highland and hilly forest tourist resort. Relying on this, in recent years, Lintan County has actively promoted the transformation of county-wide tourism from "scenic tourism" to "global tourism".

Miaohuashan Village is favored by more and more tourists because of the "Hualu" homestay (photo by Wang Jiazhu)

Miaohuashan Village is favored by more and more tourists because of the "Hualu" homestay (photo by Wang Jiazhu)

  Zhang Shuxia, 28, and the villagers benefited from this. With the help of superior units, Miaohuashan Village seized the opportunity to upgrade and transform 17 residential houses, and adopted the development model of "government guidance+professional company operation+farmers’ participation" to develop 39 sets of high-end homestays and 10 sets of main functional rooms such as bars, cafes and tea rooms. At the same time, it also optimized the supporting infrastructure such as village lanes, water supply and drainage pipes, parking lots and tourist toilets, and turned the whole village into a homestay scenic spot.

  Zhang Shuxia invested in a two-story building in his yard and was transformed into a homestay integrating accommodation and coffee shop. That alone, she can get a guaranteed income of 10 thousand yuan a year and pay dividends. Zhang Shuxia said that including her husband’s income from going out to work, her family’s annual income can reach about 50,000 yuan. "Now it is the unified management of the company. When it matures, I can be a waiter and earn another salary."

  From Gaxiu village to Gongquhu village, to Miaohuashan village, and from Gannan pastoral area to agricultural area, these small villages are dotted in this magical land of Gannan, and their rural tourism has become a beautiful landscape with distinctive characteristics in the local rural revitalization strategy.

There is no interest rate cut after the negative growth of social integration, and the window of interest rate cut and RRR cut is expected to move back in the short term.

Economic Observer reporter Hu Yanming After the financial data fluctuated greatly in April, the market expected to cut interest rates in May. On May 15th, the People’s Bank of China (hereinafter referred to as "the central bank") operated the medium-term loan facility (MLF) with "equal parity", and the expectation of interest rate cut was temporarily frustrated.

According to the financial statistics published by the central bank in April and the data of social financing scale (hereinafter referred to as "social financing"), the Economic Observer found that RMB loans increased by 730 billion yuan in April, an increase of 11.2 billion yuan year-on-year; In April, the increase in social welfare was-198.7 billion yuan, compared with 1.22 trillion yuan in the same period last year.

Affected by social integration and other factors, the growth rate of money supply declined. In April, the narrow money (M1) decreased by 1.4% year-on-year, while the broad money (M2) increased by 7.2%, which was at a historical low. Ming Ming, chief economist of CITIC Securities, said that the decline in money supply was mainly due to the "squeezing water" of some non-compliant deposit products by supervision, and it was also related to the more diversified wealth management methods at present, which could not be interpreted unilaterally as the decline in financial support for the real economy; On the contrary, the supervision of deposits will help to activate funds and help finance to better support the recovery and development of the real economy.

Some scholars have also analyzed that more effective measures need to be taken to boost market confidence and expectations.

Some market investors believe that there was a negative growth in social financing in April, and the MLF interest rate should be lowered to stimulate financing. Zhang Xu, chief analyst of fixed income of Everbright Securities, said that the decline in the year-on-year growth rate of social financing was dragged down to some extent by the "squeezing water" of financial data. Because the squeezed out part of the "moisture" was also precipitated or occupied inefficiently in the early stage, it did not form a real support for the real economy. Therefore, the decline in financial data caused by "squeezing out water" does not mean that the strength of financial support entities is weakened, and there is no need to immediately use such a powerful policy tool as MLF to cut interest rates.

Social integration showed negative growth in April.

According to the data of the central bank, the cumulative increase in social integration in the first four months of 2024 was 12.73 trillion yuan, and the cumulative increase in social integration in the first quarter of 2024 was 12.93 trillion yuan. Therefore, the increase in social welfare in April was-198.7 billion yuan.

The increment of social financing refers to the amount of funds obtained by the real economy from the financial system in a certain period, including direct financing such as corporate bonds and government bonds, as well as indirect financing such as RMB loans and foreign currency loans.

From the perspective of social finance, government bonds, corporate bonds and undiscounted bank acceptance bills dragged down the data in April. In April, the net financing of government bonds decreased by 98.4 billion yuan, an increase of 553.2 billion yuan less than that in April 2023.

It is clearly believed that the scale of government bonds has declined because the issuance of national debt and local debt is slow. Considering the decline in land transfer fees, slow progress in issuing special bonds, limited local financial resources and other factors, the follow-up government bond financing will be accelerated, and it is expected that social integration will also be significantly boosted.

In April, the scale of corporate bond financing increased by 49.3 billion yuan, a year-on-year decrease of 244.7 billion yuan. Undiscounted acceptance bills decreased by 448.6 billion yuan, an increase of 314.1 billion yuan year-on-year, mainly due to the decline in the impulse of bank bills and the willingness of enterprises to invoice.

In terms of RMB loan data (also known as "credit data"), it is basically the same as that of the same period last year. April was a traditional credit abortion, and in April 2024, RMB loans were increased by about 730 billion yuan. However, from the perspective of credit structure, bill impulse phenomenon is obvious.

In April, corporate loans increased by 860 billion yuan. Among them, short-term loans decreased by 410 billion yuan, medium and long-term loans increased by 410 billion yuan, and bill financing increased by 838.1 billion yuan.

Wen Bin, chief economist of China Minsheng Bank, said that the demand for corporate loans weakened seasonally in April, but the supply of long-term loans to public companies remained stable, which remained an important force supporting new credit. Under the constraint of demand, in order to stabilize the pace of credit supply, some banks still have the demand of filling in the scale.

Residential loans (also known as "household loans") showed negative growth. Residents’ loans mainly include short-term loans such as consumer loans and business loans and medium-and long-term loans such as housing mortgage loans. In April, residents’ loans decreased by 516.6 billion yuan, a decrease of 275.5 billion yuan compared with April 2023. Among them, residents’ short-term loans and long-term loans decreased by 351.8 billion yuan and 166.6 billion yuan respectively.

Wang Yifeng, chief analyst of the financial industry of Everbright Securities, believes that with the heavy supply of government bonds, the growth rate of social financing is expected to gradually increase. In April, the growth rate of social financing hit a low of 8.3% in the year, which was mainly dragged down by some factors, such as delayed loan placement of reserve projects, delayed issuance of government bonds, pressure drop of stock bills, and dull financing of stock bonds.

The growth rate of money supply declined.

The slowdown in financing demand has slowed down the money supply. At the end of April, the balance of M2 was 301.19 trillion yuan, a year-on-year increase of 7.2%. The balance of M1 was 66.01 trillion yuan, down 1.4% year-on-year. M1 turned negative year-on-year, and M2 fell to a historical low year-on-year.

At present, China’s currency is divided into three levels: M0, M1 and M2. M0, which is often called "cash", is the most active and has the highest liquidity. M1, which is M0 plus unit demand deposit with slightly weaker liquidity; M2 is M1 plus unit time deposits and resident deposits with weaker liquidity. Therefore, M1 is called narrow money supply; M2 is the broad money supply.

Ming Ming said that the obvious decline in the growth rate of money supply was mainly due to the fact that since April, many deposit funds have been transferred to asset management products such as bank wealth management under the background of seasonal factors and strict supervision of manual interest payment. Judging from the changes of deposits in various departments, residents’ deposits decreased by about 650 billion yuan in April, corporate deposits decreased by about 1.7 trillion yuan, and government deposits decreased by about 400 billion yuan. The decrease in deposits of residents and enterprises confirms the phenomenon of "deposits moving", while the year-on-year decrease in fiscal deposits is mainly due to the slow issuance process of government bonds. Considering that the financing of government bonds has decreased by 550 billion yuan compared with the same period of last year, the side reflects that the current fiscal expenditure rhythm may have slowed down marginally.

At the end of April, the "scissors gap" between the growth rates of M2 and M1 widened. Wen Bin believes that the growth rate of M2 has slowed down, but the financial system has further improved its quality and efficiency in serving the real economy. The slowdown of money supply growth is affected by multiple factors. First, since the beginning of the year, the bond market has boosted the yield of asset management products such as wealth management, and bank deposits have been diverted to wealth management; Second, the regulatory authorities have stepped up the regulation of idle arbitrage of funds and manual interest payment by banks to squeeze out some inflated deposits and loans; The third is to optimize the accounting of financial added value, and the motivation of individual local governments to increase financial added value by expanding deposits and loans has obviously weakened. In the next few months, with the gradual improvement of financing demand in the real economy, the acceleration of financing by government departments and the gradual return of the bond market to fundamental logic, the growth rate of money supply will stabilize.

According to the financial data in April, the year-on-year growth rate of new residential loans, new social financing and M1 was "negative growth". Wang Yifeng analyzed that, first, insufficient effective demand is still the core issue, which exerts influence on "credit abortion" together with some influencing factors, the former is the "source" and the latter is the "flow"; Second, the accounting method of added value of the financial industry has changed, which has promoted the interests of all parties to slow down their demands for scale expansion; Third, the policy orientation strengthens "revitalizing the existing financial resources" and prevents "funds from depositing and idling". The financial data reading in April did have a "squeezing water" component; Fourth, the substantial impact of stopping "manual interest payment" may be the beginning rather than the end; Fifth, the contradiction between deposits and loans, money and credit, and the scissors difference in reading will probably continue.

May MLF’s "Equal Parity" sequel

On May 15th, 2024, the People’s Bank of China launched a 2 billion yuan open market reverse repurchase operation and a 125 billion yuan MLF operation. On the same day, a total of 2 billion yuan of reverse repurchase and 125 billion yuan of MLF expired, achieving complete liquidity hedging. In terms of price, the MLF operating interest rate remains unchanged at 2.5%, and the 7-day reverse repurchase operating interest rate remains unchanged at 1.8%.

MLF’s volume and price were both flat, and the shrinking operation was finished for the first time in March. Obviously, at the price level, the MLF and reverse repurchase operations all maintained the previous interest rate unchanged, while the market had failed to expect the interest rate cut in May based on the weak social credit data in April. On the quantitative level, this MLF continued to be 125 billion yuan, and the maturity scale on the same day was also 125 billion yuan, which was the first time since March this year to end the liquidity reduction operation.

Since May, the biggest concern of the market for liquidity lies in the concentrated supply shock of 1 trillion yuan of ultra-long-term special government bonds, and it is believed that the central bank may hedge it by lowering the RRR. Wen Bin analyzed that according to the latest arrangement of the Ministry of Finance for the issuance of general treasury bonds and ultra-long-term special treasury bonds on May 13, this year, the Ministry of Finance plans to issue three kinds of special treasury bonds of 20 years, 30 years and 50 years, respectively, 7 times, 12 times and 3 times, scattered from May to November. The smooth issuance and prolonged pace of this special national debt have weakened the concentrated impact on liquidity, and correspondingly, the necessity of the central bank’s current cooperation through RRR reduction has also declined.

Moreover, with the MLF interest rate unchanged in May, the LPR (loan market quotation rate) will remain "on hold" with a high probability this month.

Obviously, considering the internal and external policy conditions, MLF will cut interest rates or wait for a better opportunity. As of the first quarter of this year, the weighted average interest rate of general loans has dropped to a record low of 4.27%, which makes commercial banks face higher interest spread pressure and the demand for cost reduction in the financial system is still high; In April, the quality of credit data was average, and the repair of entity financing demand also needed further efforts of cost reduction tools. In the first quarter, the statement of "paying close attention to the changes of monetary policies of major overseas central banks" was put forward, which reflected the central bank’s increased attention to the operation of overseas monetary policies. Considering that there are still some uncertainties when the central banks of overseas developed economies such as the Federal Reserve cut interest rates, the timing of MLF’s interest rate cut may not be appropriate, and deposit interest rate cut may be more feasible.

For the future policy space, Wen Bin predicted that in order to promote a moderate rebound in prices and increase support for the real economy, the importance of aggregate tools remains, and monetary policy will adhere to the general tone of stability and easing; However, in order to stabilize the exchange rate and prevent funds from idling and arbitrage, it may be difficult to cash in the short term, but with the accumulation of conditions, it may still land during the year.

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